Correct: Baoshan shares higher on Rio bid speculation

ChrisOliver

HONG KONG (MarketWatch) -- Shenzhen-listed shares of Baoshan Iron & Steel climbed as much as 4.8% to 16.28 yuan Wednesday, lifted by reports parent group Baosteel may be preparing a rival offer for Australian miner Rio Tinto
RIO, -0.13%
Speculation gathered momentum after London's The Times cited unnamed sources as saying London-based bankers were working on a rival bid, possibly involving Baosteel. The report said many analysts believe a Chinese steelmaker would seek to acquire a blocking stake in Rio, either on its own or in partnership with other steelmakers or the Chinese government. On Tuesday the Chinese website 21st Business Herald cited Baosteel chairman Lejiang Xu as saying the group was considering a rival bid to BHP Billiton's multi-billion all-share offer. Shares of Rio Tinto climbed 0.4% to A$143.61 in mid-session Sydney trading Wednesday.

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